Foreclosure, credit and eviction protection for military women & men

President Obama signed into public law No: 114-142, S.2393 – Foreclosure Relief and Extension for Servicemembers Act of 2015, on March 31, 2016. This law provides an extension through 2017, for foreclosure protection under The Servicemembers Civil Relief Act – formerly known as The Soldiers’ and Sailors’ Civil Relief Act.

financial and foreclosure protection for our military women and men that have debt originating before their call to active service.

It is important for creditors and landlords to note some of the provisions of protection in this act:

State Tax Relief

Termination of Property Leases

Eviction Protection

Foreclosure and Forced Sale Relief

Judicial Relief – does not include criminal

Ability to Terminate Automobile Leases

6% Cap on Credit Interest Rates

Credit Rating Safeguards

Insurance Cancellation and Reinstatement protections

There are specific requirements which must be followed to insure the protections for the servicemembers. The credit or mortgage borrowers must request the protection under this act. The loan or debt must have originated prior to the current active military service. The lenders, landlords, creditors, insurance companies, etc. must be notified, in writing, the servicemember is requesting protection under The Foreclosure Relief and Extension for Servicemembers Act of 2015.